- Analytics
- News and Tools
- Market News
- USD/CNH: Downside risks pick up pace - UOB
USD/CNH: Downside risks pick up pace - UOB
FXStreet reports that UOB Group’s FX Strategists suggest the outlook for USD/CNH could shift to negative on a close below 6.4500.
24-hour view: “We highlighted yesterday that ‘while downward momentum has eased somewhat after the rebound, there is room for USD to retest the 6.4470 level before a more sustained recovery can be expected’. USD subsequently dropped to 6.4476 before rebounding slightly. Downward pressure is beginning to ease but it appears too soon to expect a recovery. For today, USD is likely to consolidate and trade between 6.4450 and 6.4650.”
Next 1-3 weeks: “... [Yesterda,] USD subsequently dropped to 6.4476 before rebounding to close at 6.4513. Downward momentum still appears to be a bit ‘hesitant’ and we continue to wait for a daily closing below 6.4500. Looking ahead, the next support is at 6.4300. On the upside, a break of 6.4750 (‘strong resistance’ level previously at 6.4820) would indicate that the downside risk has dissipated.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
